万马股份(002276) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was CNY 17,760,670,818, representing a year-over-year increase of 17.46% compared to CNY 15,121,002,138 in 2022[21]. - The net profit attributable to shareholders for 2023 was CNY 341,165,194.30, a decrease of 38.57% from CNY 555,405,257.57 in 2022[21]. - The net cash flow from operating activities for 2023 was CNY 200,602,812.30, down 54.90% from CNY 444,819,113.27 in 2022[21]. - The basic earnings per share for 2023 was CNY 0.3389, a decline of 38.67% compared to CNY 0.5526 in 2022[21]. - The total assets at the end of 2023 were CNY 15,017,294,580, reflecting a 9.14% increase from CNY 13,760,224,171 at the end of 2022[23]. - The net assets attributable to shareholders at the end of 2023 were CNY 5,644,616,496, an increase of 4.52% from CNY 5,400,734,364 at the end of 2022[23]. - The company reported a significant decrease in net profit after deducting non-recurring gains and losses, which was CNY 288,243,585.06, down 31.68% from CNY 421,886,061.18 in 2022[21]. - The weighted average return on equity for 2023 was 6.15%, a decrease of 4.67% from 10.82% in 2022[21]. - The company experienced a net loss in cash flow from operating activities in the first quarter of 2024, amounting to CNY -862,339,282.57[27]. Shareholder Information - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares to all shareholders, based on a total share capital of 1,014,289,836 shares[5]. - The company’s controlling shareholder changed from Haikong Group to Haikong Investment Holdings, with the latter holding 25.53% of the total share capital after a share transfer completed on December 23, 2024[20]. - The company’s actual controller remains the State-owned Assets Supervision and Administration Commission of Qingdao West Coast New Area[20]. - The company has a total of 1,014,289,836 shares outstanding[5]. Corporate Governance - The company’s financial report has been confirmed as true, accurate, and complete by its responsible persons, including the chairman and accounting head[4]. - The company has maintained a complete and independent operational system, including procurement, R&D, production, and sales, without reliance on the controlling shareholder or related parties[179]. - The company has clear ownership of its assets and operates independently, with no instances of asset or funds being misappropriated by the controlling shareholder[180]. - The company has established a robust financial management system, operating independently with its own bank accounts and tax compliance[183]. - The company has a complete governance structure, ensuring independent decision-making and operations of its board and committees[182]. - The company has consistently adhered to legal and regulatory requirements in its governance practices[178]. - The company has not reported any significant discrepancies in its governance practices compared to regulatory standards[178]. Market and Industry Trends - The cable industry is experiencing a continuous increase in market concentration, with leading companies expanding their market share through advantages in brand, technology, and capital[32]. - The government has introduced multiple policies to promote high-quality development in the cable industry, focusing on environmental protection and technological innovation[33]. - The charging pile industry is entering an accelerated construction phase, with new technologies such as high-power fast charging and wireless charging being implemented[40]. - The market for environmentally friendly cable materials is steadily increasing, driven by the dual carbon goals and the demand for low-carbon solutions[152]. - The market share of high-end and special cables in the cable industry is anticipated to rise from 30% in 2024 to 35%-40% by 2025[145]. Research and Development - The company has developed a product line of charging piles ranging from 7kW to 960kW, including high-power DC charging piles and smart AC charging piles[43]. - The company invested approximately 100 million yuan in 2023-2024 for technological upgrades, including a new production facility capable of producing 16,000 kilometers of cables annually[50]. - The company has received multiple honors in 2024, including being recognized as a "National Specialized and Innovative Small Giant Enterprise" and a "Top 100 Manufacturing Enterprise in Hangzhou"[53]. - The company has established joint ventures with research institutes to enhance its capabilities in material research and product upgrades for power cables and equipment cables[51]. - The company has developed advanced wind power cables with superior performance characteristics, achieving domestic leading technology levels[48]. - The company is focusing on developing environmentally friendly and high-performance cables, including a 125℃ low-smoke halogen-free rubber cable for oil drilling applications[104]. Sales and Revenue - The industrial segment contributed ¥17,662,173,261.29, accounting for 99.45% of total revenue, with a year-on-year growth of 17.67%[81]. - The sales of electric power products amounted to ¥11,746,909,377.01, which is 66.14% of total revenue, showing a significant increase of 32.29% from the previous year[81]. - The power products segment generated ¥10,581,317,247.36, accounting for 67.19% of total revenue, with a year-on-year growth of 35.78% from ¥7,792,771,762.69 in 2023[90]. - The communication products segment saw a decline, with revenue of ¥437,203,471.86, down 38.22% from ¥707,709,850.97 in 2023, representing only 2.78% of total revenue[90]. - The new materials segment saw a sales volume increase of 9.31%, with a monthly peak sales volume surpassing 55,500 tons[63]. Investment and Financial Management - The company plans to expand its production capacity with a new project aimed at producing 10,000 tons of environmentally friendly polymer materials annually[121]. - The company has made significant equity investments, including a capital increase of ¥38,068,738.89 in a subsidiary, Zhejiang Wanma Cable Co., Ltd.[121]. - The company reported a significant increase in derivative financial assets, with a total of ¥56,341,148 for the current period, compared to ¥13,911,430 at the beginning[117]. - The company recorded a fair value change of ¥1,050,897.6 in other non-current financial assets, bringing the total to ¥27,615,607[117]. - The company has not engaged in any related party transactions that would lead to unfair competition[179]. Risk Management - The company employs hedging and supply chain procurement strategies to manage risks associated with raw material price volatility[164]. - The company emphasizes product quality management to mitigate risks related to product defects that could impact its reputation and financial performance[167]. - The company faces risks from policy changes affecting the electric wire and cable, new materials, and NEV charging industries, which could impact its strategic goals[162]. - Market competition is expected to intensify in the renewable energy sector, necessitating adjustments in production capacity and sales strategies to mitigate risks[163]. Investor Relations - The company conducted multiple investor meetings and site visits in 2024, focusing on the development of its three main business segments: wire and cable, new materials, and renewable energy[170]. - The company reported a total of 108 institutional investors participating in its online performance briefing in April 2024, indicating strong interest in its business outlook[172]. - The company has engaged with various institutional investors, including major funds, to discuss its strategic direction and business performance throughout 2024[174]. - The participation rate of investors in the first temporary shareholders' meeting of 2024 was 32.01%[184]. - The participation rate of investors in the 2023 annual shareholders' meeting was 31.02%[184].